Medicinal herbs are significant sources for treating various diseases. Olea europaea is used traditionally as diuretic, hypotensive, emollient, laxative, febrifuge, skin cleanser, cholagogue, and also used for the treatment of urinary infections, gallstones, bronchial asthma and diarrhoea. Several phytoconstituents have been isolated and identified from different parts of the plant belonging to the category glycosides, secoiridoid, flavonoids and poly-unsaturated fatty acids. Many studies have been conducted to prove its potential as anti-oxidant, anti-viral, anti-microbial, anti-diabetic and for cardiovascular disorders. The present review aims toward forming a bridge between traditional use and modern therapeutics of Olea europaea.